SINGAPORE : Owners of Horizon Towers who earlier wanted to sell the condominium will hold an extraordinary general meeting in about two weeks, to vote if they will extend a deadline for the failed enbloc sale. They have asked lawyers representing the buyers to allow for a grace period until then.
The buyers - Hotel Properties Limited (HPL), Morgan Stanley Real Estate and Qatar Investment Authority - are threatening to sue for between S$800 million and S$1 billion if owners do not proceed with the sale.
The conflict was sparked off when the Strata Titles Board (STB) rejected the collective sale of the Leonie Hill development last Friday, due to a technicality.
The two parties had signed a deal for the sale of Horizon Towers for S$500 million in February.
Following the STB's decision, the buyers' lawyers Allen & Gledhill allege that the sellers are now in breach of their contract, and wants them to extend by four months the deadline for completing the sale.
The collective sales agreement will officially expire on August 11.
Allen & Gledhill also wants the sellers to file for a new collective sale order from the STB, or appeal to the High Court to reconsider STB's decision.
If sued, owners of the 173 units who agreed to sell could each be personally liable for S$5.78 million.
The sellers are represented by Tan Rajah & Cheah. They are maintaining that they are not in breach of the sales agreement.
Channel NewsAsia understands they have also requested STB for more clarity on its decision to halt the deal. - CNA/ms
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